Seeking finance is often people's first step towards securing their property in Box Hill. With the cash rate currently at an all-time low of 2 per cent, it's therefore hardly surprising that so many people are approaching lenders in the hope of making their move on the market.
The latest figures from the Australian Bureau of Statistics (ABS) show that more borrowers are having their loans approved, as lending data shows a rise in successful applications. It is demand for new property that is especially strong at the moment, the ABS revealed, as loans for the purchase of new dwellings were up 1.6 per cent in April. Meanwhile, there was a 4.3 per cent rise in lending for the construction of properties.
Figures also revealed the level of lending to first-time buyers. In April, 15.2 per cent of all approved loans were granted to this group, up slightly from the 15.1 per cent recorded a month earlier. However, chief executive of the Housing Industry Association (HIA) Harley Dale explained that there is still some room for optimism.
"The number of first home buyer loans for owner occupiers remains low, but is running at its highest annual level in a year, although that of course excludes those first time buyers entering the investment market," Mr Dale noted.
Lending in Victoria is especially strong, as HIA analysis of the official data shows that the amount of loan approvals were up in the three months to April this year. This made it one of the most prominent rises in the country.
It doesn't matter whether you want a new or established property in Box Hill, we're here to lend a hand. Mark Edwards and his team have all the knowledge and expertise you'll ever need to find a home that suits your requirements.